Older Workers Die On The Job More Often

Think that the lack of retirement income isn’t having a profound impact on society already?  Please, think again! According to the Census of Fatal Occupational Injuries, the death rates for those workers aged 65 and older were three times the national average (2016 data).

Why are 65-year-olds still working?  Well, the median savings rate for working-age families is only $5,000 according to the Economic Policy Institute, and the demise of defined benefit plans is certainly exacerbating this incredibly difficult situation.

In addition to the lack of retirement income, older workers remain active for healthcare insurance despite the fact that remaining on the job increases the likelihood that they will get hurt.

The impact of remaining on the job hits men to a much greater extent than women. There were 1,838 job-related fatalities in 2016, and all but 110 were men.

There is no doubt that physical ability deteriorates with age, but leaving the workforce prematurely without any retirement savings is not an option for a significant and growing percentage of the U.S. workforce.

As we’ve said all along, moving responsibility for American workers’ retirements from entities that could handle the challenge and moving it to individuals with little ability to do so has proven to be faulty policy. It is going to get worse – not better!

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